Doximity (NASDAQ:DOCS) Price Target Raised to $62.00

Doximity (NASDAQ:DOCS) had its target price increased by Bank of America from $55.00 to $62.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also issued reports on the company. Raymond James Financial dropped their target price on Doximity from $83.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, May 16th. KeyCorp decreased their price target on shares of Doximity from $83.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. William Blair reiterated an “outperform” rating on shares of Doximity in a report on Friday, May 16th. Robert W. Baird reduced their target price on shares of Doximity from $87.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Doximity from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.11.

Doximity Stock Up 1.3%

Shares of DOCS stock opened at $61.19 on Wednesday. Doximity has a 12-month low of $25.00 and a 12-month high of $85.21. The firm has a fifty day moving average of $56.21 and a 200-day moving average of $58.74. The company has a market capitalization of $11.49 billion, a price-to-earnings ratio of 61.19, a P/E/G ratio of 4.10 and a beta of 1.33.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period last year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities analysts expect that Doximity will post 0.99 EPS for the current year.

Insider Activity

In other news, CFO Anna Bryson sold 45,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $57.23, for a total value of $2,575,350.00. Following the transaction, the chief financial officer now directly owns 357,165 shares of the company’s stock, valued at $20,440,552.95. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the sale, the director now owns 6,360 shares of the company’s stock, valued at approximately $381,600. This represents a 61.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,000 shares of company stock valued at $4,100,770 over the last three months. Insiders own 37.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in shares of Doximity by 1.5% in the fourth quarter. Principal Financial Group Inc. now owns 293,974 shares of the company’s stock valued at $15,695,000 after purchasing an additional 4,282 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in Doximity by 10.2% in the 4th quarter. Sanctuary Advisors LLC now owns 7,251 shares of the company’s stock valued at $428,000 after purchasing an additional 672 shares during the period. CIBC Asset Management Inc acquired a new position in Doximity in the 4th quarter valued at $203,000. Truist Financial Corp acquired a new position in Doximity in the 4th quarter valued at $307,000. Finally, New York State Common Retirement Fund increased its position in Doximity by 113.5% during the 4th quarter. New York State Common Retirement Fund now owns 141,278 shares of the company’s stock worth $7,543,000 after buying an additional 75,119 shares during the period. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.